Assistant Director, Wealth Accounting

northwesternmutual; Milwaukee (WI); On-site; USD 120,000 - 180,000; Full time

Job summary

Northwestern Mutual is seeking a senior accounting leader to oversee financial accounting for investment product subsidiaries and related controls, ensuring GAAP compliance and regulatory alignment. You will coordinate the monthly close and provide QA reviews, delivering accurate statements and insightful analysis.

You'll drive the development and automation of critical finance capabilities, collaborate with Wealth leadership and IT, and guide the team through audits and regulatory exams,

Qualifications

• Bachelor's degree in accounting or related field; equivalent education plus experience.
• Minimum 7 years of relevant professional accounting experience.
• Experience with GAAP and statutory accounting in the financial services industry.

Responsibilities

• Oversees financial accounting for investment product subsidiaries and related controls.
• Coordinates monthly close and QA review for accurate financial statements.
• Leads development and improvement of finance capabilities aligned with Finance Department goals.
• Manages external audits and regulatory exams data delivery.
• Partners with Wealth leadership to develop processes for administration of investment products.
• Explains complex interactions among administration systems and downstream accounting impacts.
• Drives automation and simplification of accounting processes and strengthens internal controls.

Skills

Learning Agility & Critical Thinking

Attention to Detail

Education

Bachelor's degree in accounting

CPA designation

Job description

About the Job:

Oversees the financial accounting functions for the Company's investment product subsidiaries, the Wealth Management Company (WMC) and Northwestern Mutual Investment Services, LLC. (NMIS), and related control activities, for products, systems, and processes to ensure conformance with GAAP standards and securities and banking laws. Coordinates the monthly close process and provides quality assurance review for accurate, timely and value-added financial statement and analytical reporting products. Leads the development and continuous improvement of key business capabilities that align with the goals and strategies of the Finance Department.

What You'll Do:

Maintains accounting control standards and documentation for wealth transactions and balances. Collaborates with process owners across the Company to ensure continued compliance with the internal control requirements. Includes all transactions and balances of the broker dealer and wealth management company.

Provides subject matter expertise in all stages of projects, generally cross-departmental strategic efforts with high risk and/or significant complexity, for assigned products, systems, and processes. Represents and advocates for finance involvement, identifies and communicates key issues, and shares best practices and insights on wealth related systems projects. Ensures that all necessary financial accounting information is completely and accurately captured in the financial accounting systems. Influences other leaders to employ system functionality and business processes that support efficiency and the required accounting and control needs. Manages change within Finance, IT, and operating departments.

Supervises the preparation of accurate and timely month-end close processes. Performs detailed quality assurance review over the trial balance and provide value-added financial analysis for assigned products and processes. Supports the financial planning and forecasting function through the delivery of financial records and analysis. Manages the delivery of information for financial and regulatory audits and exams.

Manages key relationships with external business partners as it relates to the financial close.

Leads the development and continuous improvement of key business capabilities (e.g., financial analysis, transactional accounting and reconciliation in support of operational and regulatory reporting) that align with the goals and strategies of the Finance Department. Promotes and utilizes principles such as visibility and access to accounting information, simplification and flexibility of accounting programs and configuration, increased automation of accounting entries and processes, strengthening of internal controls, and prevention of accounting issues and variances. Continuously evaluates the maturity of capabilities and develops a vision for the future state. Collaborates with leaders in Finance and other departments to ensure activities are initiated and implemented as planned.

Partners with leaders in Wealth to develop business processes that support the administration of investment products and the related accounting. Explains the complex interaction and flow of data between administration systems and impacts to the downstream financial accounting systems. Directs the correction of existing problems, and provides best practice solutions (processes, use of systems) to prevent future problems from occurring.

Applies expert level knowledge of GAAP practices as new accounting guidance is exposed or issued, and to address unique transactions and situations that arise throughout the business. Performs high-level technical accounting research. Ensures changes are implemented in accordance with the requirements.

What Experience You'll Bring:

• Bachelor's degree in accounting, or related field or equivalent education plus experience required.
• Minimum of 7 years of relevant professional accounting experience.
• Public accounting experience preferred.
• Certified Public Accountant (CPA) designation preferred.
• Experience with the application of statutory or GAAP accounting standards in the insurance or financial services industries.
• Highly analytical (critical thinking, data analysis and research skills).
• Excellent written and verbal communication skills.
• Proven leadership in people and change management.
• Experience with the design and evaluation of internal controls for Model Audit Rule or Sarbanes-Oxley compliance preferred.
• Proven leadership in project management.

Skills:

Learning Agility & Critical Thinking Pursues learning and obtains knowledge continuously in relevant fields, methods, or technologies in current and future practices; continuously utilizes critical thinking to identify opportunities, execute solutions, and measure impact to constantly improve existing practices and processes based on feedback, lessons learned, and market trends.

Attention to Detail Focuses on specific details to spot and correct errors in advance of them